Patriarch Tops MBIA In $100M CDO Contract Trial

Law360, Los Angeles (June 11, 2013, 3:09 PM EDT) -- A New York federal judge Monday ruled against MBIA Insurance Corp. in its suit seeking more than $100 million from an affiliate of Patriarch Partners LLC over a collateralized debt obligation deal, finding that the private equity group acted reasonably by not rating certain equity notes in the agreement.

Senior U.S. District Judge Robert W. Sweet of the Southern District of New York ruled in a 155-page decision that although the agreements MBIA had with Patriarch Partners VIII LLC required Patriarch to “use commercially reasonable efforts”...
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